Pepe Price Plunges 4% as Trading Volume Drops and Bearish Sentiment Bolsters

Highlights:

• Pepe price dips 4% to trade at $0.0000090 as its trading volume slips.
• Pepe becomes the first meme coin listed on a Japanese exchange—BITPoint.
• Bearish momentum bolsters as the Pepe price dumps. 

The Pepe price has flipped bearishly, dwindling 4% to trade at $0.0000090 during the European trading sessions. Its 24-hour trading volume has notably fallen 24% to $588 million, suggesting a fall in market activity. Pepe is now down 6% in a week, and 4% in a month, despite an increase of 717% in a year, gaining a spot among the growing tokens. 

Meanwhile, Pepe, the third-biggest meme coin with over $3B market cap, has made history as the first meme coin to get listed on a Japanese exchange—BITPoint. The token will be available on the exchange for spot trading, lending, and fixed investment. However, with a market cap of over $3B and upcoming giveaways, this could spark major FOMO in the crypto community. Will this cause Pepe’s to price rally? 

🚀 Exciting times for #Pepe! 🎉 The first meme coin officially listed on a Japanese exchange—@BITPointJapan! With a market cap of $4B and upcoming giveaways, this could spark major FOMO! 🔥 Will we see another price surge? Keep an eye on PEPE! #Crypto #MemeCoin

— OG Lemon (@OGLemoncrypto) November 1, 2024

Pepe Statistical Data

Based on CoinmarketCap data:

• PEPE price now – $0.000009081
• Trading volume (24h) – $588 million
• Market cap – $3.82 billion
• Total supply – 420.69 trillion
• Circulating supply – 420.69 trillion 
• PEPE ranking – #24

Bearish sentiment is building in the Pepe market as the bears take over. This has resulted in the Pepe price trading within the confines of a rising parallel channel. After hitting $0.000011 on September 29, the frog-themed meme coin started plunging within the pattern. The bears tested the lower trendline of the parallel channel, and a breach and break below it may trigger a panic selling.

Pepe Technical Indicators Flash Bearish

The Pepe price trades below key moving averages, signalling intense selling pressure. To resume an upward movement, the bulls must bring down the $0.000009 and $0.0000097 resistance levels.

Additionally, a plunge below the 50-mean level in the Relative Strength Index (RSI) tilts the odds in favour of the sellers. Currently, at 45.00, this signals dwindling buyer momentum as bears take the reins.

Worsening the outlook is the Moving Average Convergence Divergence (MACD), which reinforces the bearish thesis. The blue MACD line has crossed below the orange signal line, almost hitting negative territory. This suggests that the bearish sentiment in the Pepe market is bolstering.

Pepe Price Outlook

With the bearish sentiment rising, the sellers have painted the big picture bearish. Accompanying the sentiments are the technical indicators, showing that the bears are reigning in the meantime. If the seller congestion increases at this level, the PEPE price could breach the lower trendline of the rising channel. This may trigger panic selling, causing the Pepe price to hit the $0.000008031 level.

On the upside, if the bulls gain momentum at this level, a breach and break above the $0.00000933 resistance barrier would invalidate the bearish sentiment. Moreover, a flip of $0.00000933 into support will see the bulls resume an uptrend, obliterating the $0.0000097 zone and rallying to $0.00001 in the coming days.